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how the federal government helps with each and every day. thank you for coming on the show tonight, it's great having here. >> always a pleasure. gerri: still to come, almost free holiday travel. reaching new highs this week. should the government get out of the loan business? we have a debate coming up. gerri: a ticking timebomb inside the federal budget. putting taxpayers on the hook for billions of dollars. student loans, that's what i'm talking about. escalating with delinquency rates hitting an all-time high. outstripping any other consumer debt. our student loans getting out of control? thank you for joining us. we really appreciate your time. the president is talking about higher education and how it should be an economic imperative. listen to this. >> a higher education is no longer a luxury. it is an economic imperative in the 21st century. it is part of what we need to succeed in this global economy. and i'm going to fig for every young person is willing to work hard to get an education. gerri: should everyone have a college degree
how the federal government helps with each and every day. thank you for coming on the show tonight, it's great having here. >> always a pleasure. gerri: still to come, almost free holiday travel. reaching new highs this week. should the government get out of the loan business? we have a debate coming up. gerri: a ticking timebomb inside the federal budget. putting taxpayers on the hook for billions of dollars. student loans, that's what i'm talking about. escalating with delinquency rates...
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the federal government wants you to start using the gas. but will it damage your gerri: look, i am no expert on media bias, but the media solving the fiscal cliff. the huffington post reporting that the offer to avert disaster sparks gop outrage. "the new york times", the front page story today that the tax code is less progressive than in 1980. back when ronald reagan was president. let's take a look at federal income tax in this country. these numbers according to the tax foundation. the top 1% pay 37.4%. the top 1% of earners. they pay almost 40%. taking a look at this, the top 5% pay nearly 60%. it doesn't seem quite right. the top 10% -- they pay 71%. federal income taxes, top 10%. picking up almost the entire time. if you wanted to ask her to be more progressive, i don't know, maybe the top 10% pay 90% of taxes. 95%? 100%? i think this whole argument is hogwash. the tax code is not there, but not because the wealthy are not paying enough. but because they pay too much money. everybody needs in the game. if you are part of the system,
the federal government wants you to start using the gas. but will it damage your gerri: look, i am no expert on media bias, but the media solving the fiscal cliff. the huffington post reporting that the offer to avert disaster sparks gop outrage. "the new york times", the front page story today that the tax code is less progressive than in 1980. back when ronald reagan was president. let's take a look at federal income tax in this country. these numbers according to the tax...
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i wonder whether the country is shifted to -- yeah we like government, the more the better, shut up. >> you areargely correct. the point is, weave 48 or 49% of country getting direct benefits from government, and8 or 49% paying no tes. think of the republican constituents, a lot are seniors, they depend on social security some medicare, and republicans saying we'll give you tax incrses and shave back social seccrity and shave backk medicare. to what constituency are they appealing? a couple making a hundred thousand a year, 2,000-dollars ght off th top, a huge share of theiriscretionary income, republican party will have t go back to the drawing board, and decide who and what it is, and whom it reprents. neil: i have to get -- the a backbone first. >> thank you, patrick. >> thank you. neil: taxes areo high here that companies stash cash everywhere but here, ralph nader on the money drain that is causing us a lot of pain. want to try to crack it? yeah, that'she way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and pers
i wonder whether the country is shifted to -- yeah we like government, the more the better, shut up. >> you areargely correct. the point is, weave 48 or 49% of country getting direct benefits from government, and8 or 49% paying no tes. think of the republican constituents, a lot are seniors, they depend on social security some medicare, and republicans saying we'll give you tax incrses and shave back social seccrity and shave backk medicare. to what constituency are they appealing? a...
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it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put sto
it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply management's purchasing managers index fell unexpectedly to 49.5, down from 51.7 in...
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in a slow growth environment, but they've kept interest rates very low in japan, but the problem is, government is too big. that's why japan has not been able to start growing again. and this is the path that the u.s. is certainly on if we don't change that dynamic. >> paul: kim, is there any recognition about this in washington or is it all -- i mean, do you hear any of this discussion or do they really believe, certainly, the white house and the treasury, that tax rates like this don't matter, at that ultimately-- >> no, they do to a degree. if you talk to the officials iran up, come on, so we're going to raise the rates, what is fascinating to put it in the bigger context of the debate about tax revenue, the economists have the static view, you've got x-amounts of capital gains income and you get 20% more tax revenue. >> you don't, because people decide to shelter it. they do their transactions the year before, when the amount is less. and so, all of these numbers that the white house is counting on and sort of rubbing its hands together hoping to get. they're not going to get anywhere near
in a slow growth environment, but they've kept interest rates very low in japan, but the problem is, government is too big. that's why japan has not been able to start growing again. and this is the path that the u.s. is certainly on if we don't change that dynamic. >> paul: kim, is there any recognition about this in washington or is it all -- i mean, do you hear any of this discussion or do they really believe, certainly, the white house and the treasury, that tax rates like this don't...
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not everything is the responsibility of the government. not everything is the responsibility of the wildlife foundation. when it's on their beach. is their responsibility. >> i would think there would be highly motivated to move this thing. this is not smell of vision. i have feelings. but >> had not think it will be allowed to. so many different organizatns and vernment agencies are involved that if thhey touch the think in a get arrested. a new. melissa: that would be lassic. moving on to a lab near st. louis is missing $700,000 in gold dust. it was purchased last year for research. no one is even sure if it was somehow misplaced or actually stolen. what you -- >> the story where somebody was knocking down a buiding in the open the ball and behind the wall were all these jars of coal dust. gold dust. in the wall space there were these jars of coal dust. and just thinking. i don't know. i don't want to get anybody in trouble. melis: what you think they use it for? >> that's the big mystery for me not a mystery weather was still in a loss.
not everything is the responsibility of the government. not everything is the responsibility of the wildlife foundation. when it's on their beach. is their responsibility. >> i would think there would be highly motivated to move this thing. this is not smell of vision. i have feelings. but >> had not think it will be allowed to. so many different organizatns and vernment agencies are involved that if thhey touch the think in a get arrested. a new. melissa: that would be lassic....
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. >>> and nat gas revolution, the government says exporting nat gas could be a game changer for america's economy, but at what cost? we'll take a deeper dive to find some answers. but first, our top story tonight. >>> everyone cares about the fiscal cliff, except, seemingly, the markets. just 25 days until the year end deadline and still no deal out of washington. still stocks quietly climb higher. the dow closing today at a one-month high. what gives? just an assumption that a deal -- >> it almost gets back to that you never short. we're all waiting for some type of closure on the fiscal cliff. so everyone's afraid to take that stab in the dark and say, you know what? things look terrible. no matter how they paint the picture, things look slower in the next couple of quarters than they do right now. am i right? >> yeah. >> so global growth, you have everything coming in, global growth is going to be terrible. growth here around 2%, 2.5%. so people want to short the market, they're just so afraid to because every time they short it, it bounces right back. >> and it seems now with headline
. >>> and nat gas revolution, the government says exporting nat gas could be a game changer for america's economy, but at what cost? we'll take a deeper dive to find some answers. but first, our top story tonight. >>> everyone cares about the fiscal cliff, except, seemingly, the markets. just 25 days until the year end deadline and still no deal out of washington. still stocks quietly climb higher. the dow closing today at a one-month high. what gives? just an assumption that...
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>> the government wants to save money, but what about consumers? should they be forced to put money into retirement? most people do but some don't, should they be forced to? [ male announcer ] 'tis the season to discover the kid in all of us. enjoy free shipping and great values on your holiday shopping from l.l. bean. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12 years. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lose. ♪
>> the government wants to save money, but what about consumers? should they be forced to put money into retirement? most people do but some don't, should they be forced to? [ male announcer ] 'tis the season to discover the kid in all of us. enjoy free shipping and great values on your holiday shopping from l.l. bean. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a...
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and $300 billion in cuts to other government spending. in the letter to the president, republicans write: this is by no means an adequate long-term solution as resolving the long-term fiscal crisis will require fundamental entitlement reforms. >> reporter: before receiving that offer, the white house said it was looking for more specifics than republicans have just put on the table. >> making vague promises about achieving revenue through capping deductions or closing loopholes simply doesn't add up to a serious proposal. we haven't heard which deductions they would cap or which loopholes they would close. >> reporter: erskine bowles, the co-chair of the president's debt commission and the former chief of staff of president bill clinton, floated a similar plan last year. in embracing it, republicans are claiming bipartisan ship, and it's now up to the white house to respond. back to you. >> getting very interesting. thank you very much, rich edson. david: thanks, rich. well, washington doesn't seem to be get withing close to a debt deal,
and $300 billion in cuts to other government spending. in the letter to the president, republicans write: this is by no means an adequate long-term solution as resolving the long-term fiscal crisis will require fundamental entitlement reforms. >> reporter: before receiving that offer, the white house said it was looking for more specifics than republicans have just put on the table. >> making vague promises about achieving revenue through capping deductions or closing loopholes...
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remember how much he hates the government? maybe singing a little different tune today. >> it's because government's now telling them stop dreaming, stop striving. we'll take care of you. >> she gets the comedians laughing... >> that's hilarious! >> ...and the thinkers thinking. >> okay, so there's wiggle-room in the ten commandments is what you're telling me. >> she's joy behar. ... and current will let me say anything. >> only on current tv. >> cenk: the middle east is on fire, of course, what else is new, right? first we start in egypt where the new president has time to give himself unchecked powers with no oversight over his additions. tens of thousands of protestors marching on the palace. they've breached blockades barbed wire and it is a mess over there. they say this is the last stand and the last warning. over in syria the government is apparently moving its chemical weapons. now, of course is a red line for nato and the u.s. and even russia is concerned about this, saying if you use chemical weapons, then the intern
remember how much he hates the government? maybe singing a little different tune today. >> it's because government's now telling them stop dreaming, stop striving. we'll take care of you. >> she gets the comedians laughing... >> that's hilarious! >> ...and the thinkers thinking. >> okay, so there's wiggle-room in the ten commandments is what you're telling me. >> she's joy behar. ... and current will let me say anything. >> only on current tv. >>...
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so, it's all about the government, what it costs the government. what about what it costs the taxpayers, the people who make the money to give to these bozos to waste. >> i thought we were the government. >> exactly. >> i'm trying to figure out where cal is coming from. >> yeah. but the president, you know, was out in philadelphia on friday, and he seems to be sort of, continuing the campaign almost as if he didn't win the election and the media are playing-- >> again, look, there's no question the media are trying to push the republicans toward a deal although there's a significant backlash against it. look, the president is campaigning, he's campaigning, just like he's kept going, but it worked for him and before november 6th why should he stop now? >> all right, more news watch ahead. if you see something that you feel shows evidence of media bias, tweet us at fox news watch on twitter. next, the new york times breaks a key rule in journalism. >> covering the conflicts in the middle east, a real challenge for reporters to get the facts right. bu
so, it's all about the government, what it costs the government. what about what it costs the taxpayers, the people who make the money to give to these bozos to waste. >> i thought we were the government. >> exactly. >> i'm trying to figure out where cal is coming from. >> yeah. but the president, you know, was out in philadelphia on friday, and he seems to be sort of, continuing the campaign almost as if he didn't win the election and the media are playing-- >>...
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out there in terms of what the president believes that says that we need more spending, we are are government is the solution but i also remind you there's a world view that says we don't have a revenue problem. we have a spending problem, and that we should bring spending under control, obviously when you send proposals to the white house and the white house sends proposals to the house, there's no detail in those proposals, then we're still in the batter's box. we've not even gotten on base so i would encourage the president to send some details if he says $1.6 trillion more in revenue and we don't want to do anything on the entitlements and we'll do something on entitlements but don't want to propose or tell you what they are, then that makes it awfully difficult to come to the negotiating table and i remind republicans and democrats it's awfully difficult to, you know, get an agreement or to have confidence in handshake if you're trying to do it with your fist closed. >> trust but verify is the old phrase. >> that's true. >> this morning minority leader nancy pelosi highlighted the divers
out there in terms of what the president believes that says that we need more spending, we are are government is the solution but i also remind you there's a world view that says we don't have a revenue problem. we have a spending problem, and that we should bring spending under control, obviously when you send proposals to the white house and the white house sends proposals to the house, there's no detail in those proposals, then we're still in the batter's box. we've not even gotten on base...
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the government says drugs are illegal, drugs everywhere, just because the government is going to say now what we're going to limit guns, why do people think that's not going to have the same results? >> we have an extraordinary run-up in the sale of guns this year and especially that black friday record which was stunning. thank you very much indeed. and how is this for economic controversy? baby tourism in california. charging residents in china to stay until their baby is born. and hot topic, we're talking about it and this will be new at ten that's next. ♪ stuart: new at 10:00 o'clock. controversy at a whole. mothers are willing to spend thousands of dollars to have their babies here in america. we will talk to the judge about this in just a couple of minutes. the very big story today is this. you have no idea what taxes you will be paying and 2013. if the white house has its way, it will be all taxes, all the time. the democrats are holding the line on big tax increases. we are talking about that right from the start on this monday morning. it is a go nowhere monday. there is l
the government says drugs are illegal, drugs everywhere, just because the government is going to say now what we're going to limit guns, why do people think that's not going to have the same results? >> we have an extraordinary run-up in the sale of guns this year and especially that black friday record which was stunning. thank you very much indeed. and how is this for economic controversy? baby tourism in california. charging residents in china to stay until their baby is born. and hot...
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it funds eight and a half days of government. where's the other 355-days you have to fund? it's a panacea. one thing that's gets people lathered up, we got to get serious and talk about tree balancing our budget. this is not going to do it by what the president says that he wants to do. tracy: not just a deal, but a good one, not just kicking it down the road. thank you for sharing your thoughts. >> you're very welcome. thank you for having me. dennis: auto sales surge, why car dealers tip their hats with sandy, but fear the fiscal cliff. tracy: thiid time the charm for hefner? god love him. getting marrieded gain to a woman 60 years younger. come on, give him a high five for that. dennis: better living through chemicals. the perfect place where he should hold his wedding. getting into the marriage biz. tracy: looking at oil, phil flynn is live at the cme next with the reasons why oil went up, basically, flat now, $18.18 a barrel. we'll be right back. want to try to crack it? yeah, that's the way to do it! now we ne a little bit more... [ male announc ] at humana, we unders
it funds eight and a half days of government. where's the other 355-days you have to fund? it's a panacea. one thing that's gets people lathered up, we got to get serious and talk about tree balancing our budget. this is not going to do it by what the president says that he wants to do. tracy: not just a deal, but a good one, not just kicking it down the road. thank you for sharing your thoughts. >> you're very welcome. thank you for having me. dennis: auto sales surge, why car dealers...
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this administration sees private charities as a competitor to what the government, the federal government provides in charitable services. they also are doing that with education, by the way, any profit sector in education, is a competitor to what the government does. is there any truth to that, do you think? >> i mean the decision to give a charitable gift is driven by helping the community directly. when it goes through government, i mean we see every day the inefficiency of that, that the charity's mission starts to drift towards what the government wants rather than what the community wants, rather than the mission of the organization. david: private charity is more efficient? stuart: more basic point, when the government does so called charitable work, it is essentially distributing money, it is buying votes. liz: that's right. stuart: when a private charity does good, there's no vote buying. it is an efficient delivery of service. am i crazy? >> added to that is that many of these charities do rely upon local state and federal money for some of their programs. they are already getti
this administration sees private charities as a competitor to what the government, the federal government provides in charitable services. they also are doing that with education, by the way, any profit sector in education, is a competitor to what the government does. is there any truth to that, do you think? >> i mean the decision to give a charitable gift is driven by helping the community directly. when it goes through government, i mean we see every day the inefficiency of that, that...
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caller: we get a line of government workers or people working in the government sector. people who work hard. have a house -- they have a house. real estate is expensive. a five million-dollar house is not uncommon in d.c. you have half of your exemption gone. host: the state to take the house and put it in a trust. caller: you have to put that in a non revocable trust. it gets complicated. do not do this on the internet. you can make use of non revocable trust. you can make it an asset. the average person doesn't know that. host: how do you do that in two weeks? caller: you can do it. most people's major asset is their home. for people that have more money, it gets harder. give now. if you intended to give money to your kids, do with this year. get it out. if you wait, it is going to be harder. this gets complicated. you have an exemption. there is a current level of how much you can give to any one person. that right now is $5 million tax free this year. next year that drops to $1 million. if you wanted to give money to your kids or give your kids and house, this is th
caller: we get a line of government workers or people working in the government sector. people who work hard. have a house -- they have a house. real estate is expensive. a five million-dollar house is not uncommon in d.c. you have half of your exemption gone. host: the state to take the house and put it in a trust. caller: you have to put that in a non revocable trust. it gets complicated. do not do this on the internet. you can make use of non revocable trust. you can make it an asset. the...
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gm had criticism because a lot of sales are driven by government purchases. we as taxpayers own a significant share of gm that is little questionable. >> gm premium brands saw most growth, buick, cadillac and gmc. chevrolet was kind of flat. last year at this time they had heavy incentives they didn't meet this time around so sales were down. pickup trucks were down. they have new vehicles are coming next year. they're clearing out new current models. they hurt on pickup salls. premium brands are hurting as well. premium and luxury brands are doing well. lori: where is at toe industry related to historic highs? >> this is ahead of expectations this year. definitely really good and it is growing. whether or not the fiscal cliff happens we'll see if things change. for right now consumers don't seem to be concerned. lori: i was trying to avoid the topic. always talking about the fiscal cliff. i will say good-bye. no fiscal cliff. thank you, gary. pressure. melissa: the problem with online shopping used to be you had to wait in order to get what you ordered but n
gm had criticism because a lot of sales are driven by government purchases. we as taxpayers own a significant share of gm that is little questionable. >> gm premium brands saw most growth, buick, cadillac and gmc. chevrolet was kind of flat. last year at this time they had heavy incentives they didn't meet this time around so sales were down. pickup trucks were down. they have new vehicles are coming next year. they're clearing out new current models. they hurt on pickup salls. premium...
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, but little government, right? >> well, i guess we're talking a little bit of both. because illinois makes everybody's government look little or small by comparison. you know, on my license plate it says illinois, land of lincoln. but my guest, wes mosser, wes, what a great first name. i feel like that should be a character in a clint eastwood movie. what did you call illinois? >> land of 10,000 governments. >> is that the most in the entire country? >> most in the country. >> i want you to tell me first of all how you know this? >> well, every ten years the census bureau does a survey of local governments and they count up all the local governments for every state in the whole country, school districts to basic districts, anything with taxes authority -- >> let me start you right there. anything with taxing authority. so, there is a reason for the proliferation of illinois fifedom and that is to get inside people's wallets. so you're talking about raising money. whether it's through municipal bonds like board of e
, but little government, right? >> well, i guess we're talking a little bit of both. because illinois makes everybody's government look little or small by comparison. you know, on my license plate it says illinois, land of lincoln. but my guest, wes mosser, wes, what a great first name. i feel like that should be a character in a clint eastwood movie. what did you call illinois? >> land of 10,000 governments. >> is that the most in the entire country? >> most in the...
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now the government says he's got to go. but is that fair? that's straight ahead ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. share "not even close." share "you owe me..." share "just right." the share everything plan. shareable data across 10 devices with uimited talk and text. by htc for $49.99. nespresso. where i never have to compromise on anything. ♪ where just one touch creates the perfect coffee. where every cappuccino and latte is only made with fresh milk. and where the staff is exceptionally friendly. ♪ nespresso. what else? >> gretchen: good morning, everybody. hope you had a great weekend. it's monday, december 3, 2012. i'm gretchen carlson. thanks for sharing your time. 29 days left from the pick cliff. it will be here before we know it. and that is what republicans say, that's what they'
now the government says he's got to go. but is that fair? that's straight ahead ♪ [ engine revs ] ♪ ♪ [ male announcer ] the mercedes-benz winter event is back, with the perfect vehicle that's just right for you, no matter which list you're on. [ santa ] ho, ho, ho, ho! [ male announcer ] lease a 2013 c250 for $349 a month at your local mercedes-benz dealer. share "not even close." share "you owe me..." share "just right." the share everything plan. shareable...
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the concern was that the government wasn't going to allow for any price increases for verisign. that's why the stock pulled back. in the wake of the number, reassessing the situation, the company on track for good revenue growth and as a result we have seen a turn-around in today's session, up more than 6%. back to you. >> ocekay, thanks mary. >>> fitch is out with its latest ratings on u.s. states. we have a look at which ones face the biggest threat from the fiscal cliff. >>> later, if you own a car but never drive it, you might be able to make some money off it. ashton kutcher and marissa mayer are backing the start up. the ceo of get-around is coming up. gecko (clearing throat) thank you, mr. speaker, uh, members of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know members it.congress. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newscaster:breaking news. the gecko is demanding free pudding. and political parties that are actual parties!? with cake! and presents! ah, th
the concern was that the government wasn't going to allow for any price increases for verisign. that's why the stock pulled back. in the wake of the number, reassessing the situation, the company on track for good revenue growth and as a result we have seen a turn-around in today's session, up more than 6%. back to you. >> ocekay, thanks mary. >>> fitch is out with its latest ratings on u.s. states. we have a look at which ones face the biggest threat from the fiscal cliff....
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reflects the balanced response, and i've shown myself willing to make tough decisions when it comes to government spending. because despite my reputation -- i think there are efficiencies that can be gained, some programs used to work and just don't work now, as a consequence with working with democrats and republicans last year we were able to cut over a trillion of spending. the largest cut, by the way, in discretionary spending in history. so we're prepared to make some tough decisions when it came tough to -- when you look at what's needed for us to stabilize our budget, stabilize our deficit to gdp ratio, then every credible will follow. we can't just do it on spending cuts. there has to be a balanced approach in which we also are bringing -- partly because our revenue levels are as low as they've been -- >>> we're trying to decide if this is worth sticking with. it's clearly not the president's mike that is turned on. you can sort of hear what he's saying, but not very well. as he makes headlines we'll bring them to you. so we'll get to some reas is lynn jenkins, republican tiff from kansas
reflects the balanced response, and i've shown myself willing to make tough decisions when it comes to government spending. because despite my reputation -- i think there are efficiencies that can be gained, some programs used to work and just don't work now, as a consequence with working with democrats and republicans last year we were able to cut over a trillion of spending. the largest cut, by the way, in discretionary spending in history. so we're prepared to make some tough decisions when...